Choose the given statement is true/false:

Consumer awareness is essential to avoid exploitation in the marketplace.

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True

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Detailed Solution

The above statement is true.
Consumer awareness is essential to avoid exploitation in the marketplace.
As a consumer, we expect a certain value for money and it is our right to avail of the right quantity, right quality, information about the product, right prices, etc. Consumers' consciousness towards their rights and social and legal obligations of the business and the government towards the consumers has generally termed consumer awareness. However, they are exploited in the marketplace because they do not insist on their consumer rights. But, many times, they are being cheated and harassed by sellers and manufacturers. They should also know about their consumer rights which will help them to be a responsible citizen as well.

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